Refer to the diagram. Point b would be explained by:
A. an actual rate of inflation that exceeds the expected rate.
B. an actual rate of inflation that is less than the expected rate.
C. cost-push inflation.
D. an increase in long-run aggregate supply.
A. an actual rate of inflation that exceeds the expected rate.
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If British tastes changed so that Britons began to desire more American goods, there would be
a. a rightward movement along the supply of British pounds curve in the dollar-pound market b. a leftward movement along the supply of British pounds curve in the dollar-pound market c. a rightward shift of the supply of British pounds curve in the dollar-pound market d. a leftward shift of the supply of British pounds curve in the dollar-pound market e. no change in the supply of British pounds curve in the dollar-pound market
The value of what is produced per worker, or per hour worked, is called ____________.
a. economic growth b. human capital c. productivity d. GDP per capita